Mortgage brokers are being given a new route to recommend estate agents to their clients and earn commission from completed property sales through a partnership between GOTO Estate Agency and L&G’s Mortgage Club.
The referral service will allow advisers to select from a list of 10 estate agents operating in the client’s local area, with GOTO matching sellers to participating agencies.
Brokers will remain connected to the client throughout the home-moving process and receive commission where a referred property sale completes.
For estate agents, the service is designed to generate pre-qualified seller instructions directly from the mortgage broker market.
BROKER REFERRALS
The proposition also includes an upfront legal pack ordered when the agent is instructed and a cashback service for sellers.
GOTO claims its legal-pack approach can reduce the period between an accepted offer and completion from 125 days to 75 days, while its cashback model increases the proportion of buyers proceeding to completion from around 70% to more than 90%.
Nigel Hoath (main picture, inset), Chief Executive Officer of GOTO, says: “Brokers have always been able to recommend conveyancing and surveys to their clients. Now we can offer all of that plus the ability to recommend an estate agent, all on one simple platform.
“This means brokers can point clients towards a reputable agent they trust and reassure them that what is likely their biggest transaction is in safe hands.”
HOME-MOVING JOURNEY
GOTO says the model is intended to keep mortgage advisers involved beyond arranging the loan, including allowing referrals generated by viewers of the client’s property to return to the originating broker.
Hoath adds: “The broker stays in control of the whole moving journey, and any referrals from viewers of the client’s property come back to the broker, so they benefit from the journey and gain new leads too.”
Clare Beardmore, Director of L&G’s Mortgage Club business, says: “Mortgage brokers play a vital role in helping clients understand their options, make informed decisions and navigate the home-moving process with confidence.
“This exciting partnership makes it easier for our Mortgage Club members to support their clients beyond the mortgage process, while strengthening relationships and delivering better outcomes at every stage of the journey.”
